bad day at redetermination

[too much debt]

bad day to day

was my redetermination hearing at which i hoped to get installments and an end to nr's charging order. they sent solicitor from london and it ended with an installment order but also permission for final charging order hearing at beginning of jan so we could still loose our family house. [:(]

i really wanted to try iva as per recomendation from my last post but as nr is a creditor no one will take me on, really just feel totally fed up. question i need to know is as i only think br is way ahead if we do sell and rent back house our only asset jointly owned all debts in my name and i go br having given my share hopefully to all creditors equally given the restriction now registered on our house will or frown upon this when i go br as my parents are sick and they need a home to live in that is modified to their needs
[:(]

[MelanieGiles]

Quite a difficult post to read and understand, sorry. Could you summarise the actual points you want advice on please.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[too much debt]

sorry it's been a bad day. and am quite depressed. what i would like to know is since i seem unable to propose an iva and the likly hood is a final charging even if i fight it, so i think br is looming, is it possible to sell and rent back so at least my elderly sick parents have a home. the house is in all our names.

[MelanieGiles]

If Northern Rock get a charging order, that is just like having a secured loan over your property. Is it not possible to continue to pay that charge and look at proposing an IVA to the remainder of your creditors? How much are the contractual payments to Northern Rock now, and if you carried on paying these, what disposable income would you have left for the other creditors. Also how much do you owe to other creditors?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[too much debt]

this is what i would like to try but every one i approached kept try to include nr or offer a dmp which is not working taking nr out of the equation now i will have court ordered installments and a final charging order hearing i would have 411 available each month to pay total other debts of 46k none other with nr though the nr i would have thought will increase with court costs and interest the lewer even had the nerve to ask for her costs at the redetermination today

[MelanieGiles]

I have just successfully put forward an IVA for exactly these circumstances, so this can definately be done. If you can afford £410 per month to an IVA with £46k of remaining creditors, then this should work very nicely, but you will need to take advice from an insolvency practitioner on a more detailed basis.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Adam Davies]

Hi
When NR secure the loan you will be in a position to propose an IVA even if your disposible income is eve less than you state.You need to speak with an IP who has had experience of this type of case.
Good luck and keep posting
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp